Terry53029's Posts

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Terry53029's Posts

Thanks for the reply Bill. not renting to herself, renting from husband taking only half of rent as expense, as half belongs to her. It is being done since the 80s from a court case (don't remember th... See more...
Thanks for the reply Bill. not renting to herself, renting from husband taking only half of rent as expense, as half belongs to her. It is being done since the 80s from a court case (don't remember the case) I've been doing it and none of my clients ever got a letter from IRS
Client MFJ, AGI around $100,000. Wife single LLC schedule C, eyelash/beauty salon. Bought commercial building with apartment jointly w/husband. 2400 sq. ft. total, 900 sq. ft. commercial. Plans on liv... See more...
Client MFJ, AGI around $100,000. Wife single LLC schedule C, eyelash/beauty salon. Bought commercial building with apartment jointly w/husband. 2400 sq. ft. total, 900 sq. ft. commercial. Plans on living in apartment, and making the 900 sq. ft. her salon. in past I would have her pay husband rent, and take 1/2 as expense. Husband would claim 1/2 as income on schedule E with all allowed expenses. That would save wife on SE taxes. Along comes 199-A, 20% off income. My plan no longer saves. Maybe home office ??  Would greatly appreciate any thoughts from you pros out there. Thanks
the ones I have seen are reported on a W2, did your client receive a W2
No Roth
Thanks Ironman for the quick reply, and yes all are same on W2, but paystub shows SS, Medicare on gross. Year end on pay stub and W2 do not match
His pay stubs show he has been making contributions, and taxed after the contribution. My question is what happens on the employers W-3 ? if the W2 amounts are shown, then the SS, and medicare tax wit... See more...
His pay stubs show he has been making contributions, and taxed after the contribution. My question is what happens on the employers W-3 ? if the W2 amounts are shown, then the SS, and medicare tax withheld is wrong. Advice on how to correct, or should I just let client know. It does not affect his tax return.
About half way down the 1099Q are questions about rollover. Fill out and you should be good
In PS PRO I have added several pdf to state, with no problems
hope this helps.  FM-5248 Dollar Ridge Fire Declared on Sunday, July 1, 2018 - 20:00
Unless they were paid on a credit card in 2018 and card paid in 2019
Dusty the instruction for 8863 says  A student has completed the first 4 years of postsecondary education before 2018 if the educational institution has awarded the student 4 years of academic credit ... See more...
Dusty the instruction for 8863 says  A student has completed the first 4 years of postsecondary education before 2018 if the educational institution has awarded the student 4 years of academic credit at that institution for postsecondary coursework the student completed before 2018.
Dusty, I think you must have misinterpreted the four year rule. From 8863 instructions  "Line 25 Check “Yes” if the student completed the first 4 years of postsecondary education before 2018. Otherwis... See more...
Dusty, I think you must have misinterpreted the four year rule. From 8863 instructions  "Line 25 Check “Yes” if the student completed the first 4 years of postsecondary education before 2018. Otherwise, check “No.” A student has completed the first 4 years of postsecondary education before 2018 if the educational institution has awarded the student 4 years of academic credit at that institution for postsecondary coursework the student completed before 2018. Disregard any academic credit awarded solely on the basis of the student's performance on proficiency examinations"
If the self employment was in  merchandising with inventory, then you can deduct COGS from gross. If that takes income under $4150, then if she meets all other rules she could be a dependent
Sorry TaxGuyBill, I just read amortized, and thought points, Two weeks to go 🙂
Add to above This is from pub 936  "Mortgage ending early. If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. ... See more...
Add to above This is from pub 936  "Mortgage ending early. If you spread your deduction for points over the life of the mortgage, you can deduct any remaining balance in the year the mortgage ends. However, if you refinance the mortgage with the same lender, you can't deduct any remaining balance of spread points. Instead, deduct the remaining balance over the term of the new loan. A mortgage may end early due to a prepayment, refinancing, foreclosure, or similar event"
According to "The Tax Book" mortgages paid off early, you deduct the balance of points in year paid off.
sorry I saw partners, and jumped the gun. abctax is correct
does your s corp. have an agreement that partners are not reimbursed for travel and mileage expenses, if so then put them on schedule E supplemental expenses work sheet
was it unrealized gain ?
Rbynaker, you are under paid. Backdoor roths are still available for 2018, and I have a client next week that will use it, again many thanks to Rbynaker, as he saved me a lot of frustration